MAJOR FOODSTORE ANNOUNCED FOR £50 MILLION HEDNESFORD GATEWAY SCHEME

St. Modwen, the UK’s leading regeneration specialist, has agreed a deal to bring an 80,000 sq ft foodstore to its proposed £50 million Hednesford Gateway scheme in Cannock Chase, Staffordshire – a move that plays a major part in bringing forward the wider regeneration of Hednesford town centre.

Subject to planning permission being secured by the end of 2009, construction work on the foodstore is expected to start on site in 2010.

John Dodds, regional director of St. Modwen, said:

“This landmark foodstore deal is a milestone for the Hednesford Gateway scheme and to secure this level of commitment in the current climate from a major UK retailer reinforces the appeal that Hednesford has as a retail destination. With the transaction agreed, St. Modwen and Cannock Chase Council are now in a position to realise the vision for the regeneration of the town centre; bringing a renewed sense of prosperity and vitality to Hednesford and the wider Cannock area.”

Neil Stanley, Cannock Chase Council Leader said:

“It is a long standing priority of the Council to bring regeneration through retail investment to Hednesford town centre. The proposed £50million Gateway scheme is set to put Hednesford on the map, vastly improve the retail offering and shopping experience in the town, and crucially it will create a host of employment opportunities for local people.”

To be built in phases and anchored by the 80,000 sq ft foodstore, the Hednesford Gateway scheme includes 48,000 sq ft of non-food retail space, a 17,500 sq ft discount foodstore, new community facilities and a new 648 space car park.

Notes to Editors:

St. Modwen is the UK’s leading regeneration specialist, operating across the full spectrum of the property industry through a network of seven regional offices and a Birmingham based head office. The company is wholly focussed upon regeneration with expertise in brownfield land renewal, partnering with industry, town centre regeneration, Innovation Centres and education projects. www.stmodwen.co.uk

Cannock Chase Council has selected St Modwen as its regeneration partner for two phases of development in Hednesford town centre, the Rugeley Road site and the Victoria Street/Bus Station site. Together these two sites comprise the Hednesford Gateway scheme.